'Devil and deep sea': Chidambaram questions excise duty cut, asks if states can afford to lose VAT

A day after Finance Minister Nirmala Sitharaman announced a cut on excise duty on fuel prices, former Finance Minister P Chidambaram questioned the move and took a dig at the Centre. He wondered whether the states can afford to give up revenue from VAT on petrol and diesel unless the Centre devolves more funds or gives them more grants, likening their situation to being between “the devil and the deep sea”.

'Devil and deep sea': Chidambaram questions excise duty cut, asks if states can afford to lose VAT
A day after Finance Minister Nirmala Sitharaman announced a cut on excise duty on fuel prices, former Finance Minister P Chidambaram questioned the move and took a dig at the Centre. He wondered whether the states can afford to give up revenue from VAT on petrol and diesel unless the Centre devolves more funds or gives them more grants, likening their situation to being between “the devil and the deep sea”.